When public credibility fails: a debt default case from Zhejiang

In late November 2025, debt-related products distributed through the Zhejiang Financial Assets Exchange Center entered default. More than 15,000 onshore investors were affected, impacting approximately 25,000 households, with total exposure estimated at around RMB 24.2 billion (US$3.5 billion). The case has drawn attention not because of the novelty of financial distress, but because it involves
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